Draft Tax Code provides for VAT refunds to farmers for grain exports

17:47, 16.12.2015 1 min read

The Draft Tax Code proposed by the government provides for the reimbursement for value added tax (VAT) on exports of grain and industrial crops.

"Yes, there will be VAT refunds for grain exports," Minister of Agricultural Policy and Food Oleksiy Pavlenko said at a briefing in Kyiv.

According to him, initially the ministry asked the Finance Ministry to allocate UAH 4 billion for the program to support agricultural producers, but in the current economic conditions it managed to foresee only existing support mechanisms: compensation of interest rates on loans and the program to support livestock breeding.

As reported, the draft budget for 2016, registered by the government in the Verkhovna Rada on September 14, 2015 under No. 300, provides for the support for farmers in the amount of UAH 350 million, of which UAH 300 million will be used to cheapen loans in the agricultural sector, while UAH 50 million will be spent on support for livestock breeding.